Developer Tom Platz, who has successfully developed much of Lewiston’s sprawling Bates Mill complex, will have at least three more years to pull off the redevelopment of the largest property, a 350,000-square-foot building known as Mill No. 5.
The Lewiston Sun Journal reported that the City Council approved, in a 6-1 vote, a new agreement with Platz that gives him more time to execute the challenging redevelopment project in which he’s already invested $700,000 in studies and site preparation work.
The newspaper said Platz is now planning to tackle the Mill No. 5 redevelopment as two $35 million projects involving roughly half the building for each stage. Platz said the Auburn-Lewiston YMCA is one prospective tenant, with the University of Southern Maine, which has a campus in Lewiston, also expressing interest, as he continues lining up tenants for the project.
The agreement approved by city councilors gives Platz exclusive rights to buy Mill No. 5 for $1, but stipulates that after two years the city would have the option of selling the property to a third party showing “evidence of financing, tenant commitments and a level of investment” acceptable to the city.
